Using the Blue Ocean Strategy to Conduct a Critical Review

Abstract

Blue Ocean Strategy is a business framework that challenges the status quo by encouraging companies to seek for uncontested market niches. Blue Ocean Strategy was developed by W. Chan Kim. A critical critique of the Blue Ocean Strategy and its place in strategic management is provided in this abstract. According to the Blue Ocean Strategy, businesses shouldn't focus their efforts on competing within the confines of already established markets; rather, their attention should be directed on developing new markets that have not yet been entered. Organizations have the potential to achieve rapid growth and profitability by discovering and targeting new market segments or by creating whole new sectors for themselves to compete in. The strategy encourages value innovation, which has as its primary objective the delivery of unique value to customers at prices that are reasonable.